Hitting the wire today is news that Western Digital is acquiring Hitachi Global Storage Technologies for $3.5 billion in cash and 25 million Western Digital common shares, valued at $750 million based on the closing price on March 4, 2011. The board of directors for both companies have approved the transaction which is expected to close in the third calendar quarter of 2011.
Other terms of the agreement have two Hitachi executives joining the Western Digital board of directors. The new entity will retain the Western Digital brand and remain headquartered in Irvine, CA. John Coyne (CEO of Western Digital), Tim Leyden (COO of WD), and Wolfgang Nickl (CFO of WD,) will all remain in their positions. Steve Milligan, president and CEO of Hitachi GST will join WD as president.
Hitachi, Ltd. will own 10 percent of outstanding Western Digital shares.
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